Car Insurance in Ireland: The DOs and DON'Ts
While there are lots of different things to consider when looking for car insurance in
Ireland, there are some things you absolutely MUST do, and some things you should NEVER do. For example...
- DO get as many quotes as you can, from as many different insurance companies as you
can. Even if you think you're already with a good low-cost insurer, they can still bump up your premiums
because of the amount of claims made by OTHER people – even if you don't make any at all. Also, some companies
will initially offer you a very low quotation to start off with, before bumping it way up (sometimes doubling
it!) the next year. They think you won't be bothered shopping around and will just pay up.
- DO read all the details of your existing or proposed insurance policy, and make
sure you are fully aware of what may be excluded from it. There's no point in getting a super-low quotation if
the policy you get doesn't actually cover you for eventualities likely to arise in your personal
situation!
- DO make sure you are getting full credit for your driving history, especially if
you change from one insurance company to another. For example, make sure they (the insurer) know exactly how
long you have had a full driving licence for. Or, if you had penalty points in the past, make sure they have
the correct expiry date. If not, you could end up needlessly paying a higher premium.
- DO make sure your insurance company supplies you with your renewal notice and
complete details of any no-claims discount you may already have AT LEAST 15 days before your policy if due to
expire. They are required by law to do so.
- DO haggle with your current insurer. Yes, it's a pain to do and, in fact, many
Irish people outright dislike the notion of haggling, but it can be INCREDIBLY beneficial, especially in the
current economic climate. Insurance companies are anxious to retain business, and many will even pre-empt
haggling by asking if you got quotes elsewhere and will then match them. Even better, if you can tell them “I
got a quote from for €X from ABC company...can you do better?”, it will make things very fast and easy for
you.
- DO calculate EXACTLY how much you are paying in total if you opt to pay for your
policy in instalments. Your insurer is required by law to tell you the annual percentage rate (APR) to allow
you to shop around on this basis. However, if you aren't great with numbers, simply ask them to give you the
TOTAL cost if you pay everything upfront and then the TOTAL cost (over the whole year) if you pay in
instalments instead.
- DO be completely honest with your insurer about yourself, your driving history, and
any prior driving-related offences (like drunk driving) that you may have. If you aren't, your insurance may be
invalid.
Those are some of the Dos. Here are some of the DON'Ts to be considered. Don't neglect them: they have the
potential to save you a lot of money (or cost you a lot, if you ignore them). They are...
- DON'T overestimate how much your car is actually worth. If you tell your insurance
company that your car is worth, for example, 20,000 Euros, they may calculate your premium on that basis.
However, in the event of an accident, they will only pay out what THEY say is the market value of the car at
the time you make a claim, REGARDLESS of how much you have insured it for! So why make your premium more
expensive that it has to be by overestimating the value: If it's only worth 5,000 Euros, DO NOT insure it for
10,000 or 20,000 Euros. There's simply no point.
- DON'T let ANYBODY drive your car unless you are completely certain that they are
insured to do so. If they crash, regardless of which is at fault, your insurance record will be affected (even
though you may not even have been in the car at the time) and you may even be prosecuted for allowing an
uninsured person to drive your vehicle.
- DON'T try to lower your premium by lying about accidents you have had, previous
claims, or any driving offences. If you do, your insurance company can refuse to pay out any claims you make
for damage or injury. Also, even though E.U. regulations may require them to pay out to a third-party in the
event you cause injury or damage to them, they (the insurer) will be entitled to take legal action to recover
that money from you. So, by skimping on important details to save a few Euros now, you could be opening
yourself up to potentially MASSIVE costs (and legal action) in the future.
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